Nordic Investment Bank

Helsinki
11 Feb 2008

NIB allocates EUR 1.5bn for new environmental lending facilities

NIB will allocate these means for two new environmental lending facilities - the Baltic Sea Environment Financing Facility with a framework of up to EUR 500 million and the Climate Change Mitigation and Adaptation Energy Facility with a framework of up to EUR 1 billion. Funds for the new facilities will be earmarked within the Bank's ongoing lending activities.

"The ecological health of the Baltic sea and actions with regard to climate change are high priorities for the Bank's member countries. The new facilities are a response to our member countries' call for the Bank to assume a more prominent role in bringing economic, ecological and social benefits to the member countries and to the entire Baltic Sea region," says Johnny Åkerholm, President and CEO of NIB.

NIB's Baltic Sea Environment Financing Facility, alongside national budgets and EU funds, will be an important financing source for the implementation of the Baltic Sea Action Plan adopted last year by the Baltic Marine Environmental Protection Commission - HELCOM with the purpose of restoring the ecological status of the Baltic marine environment by 2021. The HELCOM action plan sets specific quantitative emission targets and focuses on eutrophication, hazardous substances, maritime transport and biodiversity conservation. NIB's facility will provide valuable input to projects that mobilise loan financing. The Bank is already active in almost all of the Baltic Sea catchment area and is thus well equipped to act as partner to HELCOM in this respect.

The Climate Change Mitigation and Adaptation Energy Facility demonstrates NIB's commitment to support action on the issue of combating and adapting to climate change, which is also highly prioritised by the Bank's member countries. This facility will focus on financing projects within renewable energy (hydro, wind, biomass, geothermal and solar power) and the more effective use of energy, as well as projects using cleaner production technologies that reduce greenhouse gas emissions in industries. The new facility will also target projects dealing with the adaptation of power networks and infrastructure to climate change, such as extreme weather conditions.

NIB is a multilateral financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor's and Moody's.

For further information, please contact
Mr Johnny Åkerholm, President and CEO, at +358 10 618 001
Mr Harro Pitkänen, Senior Director and Head of Business Development and Control, at +358 10 618 0246